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1. At a Glance
Borana Weaves makes unbleached synthetic grey fabric at Surat. The cloth exists to be dyed and printed later by somebody else. Its selling point is that nothing has been done to it yet.
Revenue for the three months to June 2026 was ₹100.84 crore. That is 24.5 per cent above the ₹81.00 crore of the same quarter a year earlier. Operating profit was ₹25.84 crore against ₹17.15 crore. Profit after tax was ₹16.48 crore against ₹12.20 crore. Earnings per share for the quarter came to ₹6.18.
The company now runs 1,212 high-speed water-jet looms. The count stood at 144 in the year to March 2022. Depreciation for the quarter was ₹5.99 crore against ₹2.78 crore a year earlier. The company’s own presentation puts that rise at 115.3 per cent. Finance cost over the same quarter fell from ₹1.00 crore to ₹0.74 crore.
For the full year to March 2026, revenue was ₹388.59 crore and profit after tax ₹64.61 crore. The balance sheet at March 2026 carried capital work-in-progress of ₹80.94 crore. That heading covers plant paid for but not yet finished. A year earlier it held ₹0.04 crore, and total assets have since more than doubled to ₹366.37 crore. On 11 August 2026 the board approved a further expansion at Unit 4. It covers 192 more looms and three texturizing machines.
2. Introduction
Borana Weaves Limited was incorporated in October 2020, which is young for an Indian textile maker. The trading business behind it is older by about four decades. The company’s own investor presentation traces a small textile trading operation in Surat between 1975 and 1985. Manufacturing began in 1983 with 24 conventional looms. A switch to water-jet looms between 2005 and 2012 took the count to 202. The whole journey, from 24 conventional looms to 1,212 water-jet ones, fits on a milestone slide in six bullet points.
CARE Ratings, a credit-rating agency, records the greenfield capex as completed in July 2021 at Surat. A greenfield project is a plant built from scratch on a new site. The company raised ₹145 crore through an initial public offering. It listed on the NSE and the BSE on 27 May 2025. The fresh issue money was earmarked for a new manufacturing facility, working capital and general corporate purposes. The last of those is corporate India’s way of saying “and other things”.
Since listing, the announcement flow has been almost entirely machinery. In September 2025 the company reported commissioning 108 looms, with Unit 4 capex of ₹71.35 crore. In October 2025 another 48 looms took that unit’s count to 348. In January 2026, 64 more started on 20 January. In March 2026 the company said 160 water-jet looms at Unit 4B were fully operational. The same announcement reported a 3.545 megawatt rooftop solar plant as commissioned. Five separate press releases about looms arriving went out in six months.
The Borana Group, of which the company is part, has presence across the textile value chain. Related-party transactions have ranged between 26 and 80 per cent of total revenue over past years. A related-party transaction is business done with a group company or a promoter’s own firm. At its August meeting the board approved material related-party transactions for 2026-27, subject to approvals.
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3. Business Model: WTF Do They Even Do?
The company weaves polyester into cloth that is deliberately left unfinished, then sells it to firms that finish it.
Greige fabric, the unbleached, undyed and unprinted base cloth, was 92 per cent of revenue in the year to March 2026. Polyester textured yarn made up the other 8 per cent. Management described that yarn business as ancillary on the February 2026 call. It is kept running mainly so a machine breakdown does not force yarn purchases from outside.
The company’s presentation sets out four manufacturing steps. Texturizing turns POY yarn into the PTY yarn the looms use. Warping aligns the yarn, water-jet weaving makes the fabric, and inspection and folding close the run. As of the June 2026 quarter the plant held 1,212 water-jet looms and 24 texturizing machines. There were also 20 folding machines and nine warping machines. Somewhere in Surat, nine machines exist whose whole job is to line yarn up in a queue.
Where the fabric ends up is where the range comes from. The product disclosures name apparel such as shirts, trousers and dresses. Home textiles cover bed linen and upholstery. Industrial uses include tents, waterproof fabrics and RPU-coated materials. Management was careful on the February call about what technical textiles means here. The stated words were that Borana is not directly doing technical textiles, and that its buyers do the coating and use it as such. The tent and the shirt begin as the same undyed roll.
Named customers include Ganga Tex Trends Ltd, Oswal International, Nirankari Textiles and Sudarshan Silks Mills. The disclosure also names Ambaji Fabrics, Varun Textile and Shri Hari Tex.
Total installed capacity for the year to March 2026 was 39.21 crore metres. Average capacity utilisation over that year was 80.93 per cent. Among the units, the first ran at 82.5 per cent and the second at 85.7 per cent. The third ran at 83 per cent and the fourth at 78 per cent. Management noted on the call that metre-based utilisation reads lower when a wide loom runs single-width. It put blended utilisation at roughly 82 to 83 per cent, with up to 90 per cent achievable. The company
